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Zeckendorf, Starwood acquire The Gotham for$70M.

Arthur W. and William Lie Zeckendorf, co-chairmen of Zeckendorf Realty, L.P., and Starwood Capital Group Fund V have announced the purchase of 151 unsold residential units and three retail units at The Gotham Condominium in Carnegie Hill for $70 million dollars.

Located at 170 East 87th Street between Lexington and Third avenues, this luxurious condominium provides a unique combination of contemporary style with private club amenities for prices ranging from $237,000 for an oversized studio to $1.648 million and up for a specially combined five-bedroom apartment.

"With New York's real estate and rent prices rising to new heights, The Gotham provides exceptional value for those looking to invest in a new home," said William Lie Zeckendorf. "Designed to cater to a strong market demand for larger modern condominium apartments, The Gotham's spacious layout and top-tier amenities package offer a singular combination of everything a contemporary urban home can and should be."

A distinctive architectural presence, the 27-story Gotham contains a total of 239 residential units, which range from oversized studios to one-, two-, three- and four-bedroom apartments, specially combined five-bedroom units and penthouses. With over 60 different floor-plan layouts, buyers can choose from an expansive list of features, including simplex and duplex formats, terraces and balconies. One hundred and fifty-one residential units will be available for sale over the next six months; many are available for immediate occupancy. Eighty-eight residential units have been sold by the previous owner.

The Gotham provides residents with a distinguished recreational and amenities package. Facilities available exclusively to residents include a fully staffed and equipped fitness center; an 82-foot indoor swimming pool with changing rooms, sauna and showers; landscaped sun terrace; sun- and toy-filled indoor playroom for children; outdoor terrace playground; and a furnished party room with kitchen facilities for catering. Services include a 24-hour concierge, uniformed doorman and a live-in superintendent.

Completed in 1991, each apartment has been carefully constructed with state-of-the-art design techniques to eliminate the need for time-consuming and costly renovations or reconstruction by buyers. Each unit includes marble bathrooms; a gourmet kitchen, including a microwave oven and automatic dishwasher; oversized double-insulated windows that emphasize light and views; and generous closet space. Two-, three- and four-bedroom apartments contain a washer and dryer, and floors three to 21 contain one common laundry room each.

Prices for oversized studios, with or without sleeping alcoves, range from $237,000 to $312,000. Prices for one-bedrooms range from $371,000 to $440,000; two-bedrooms range from $598,000 to $840,000; three-bedrooms range from $783,000 to $1.236 million; and four-bedrooms range from $1,056 million to $1.442 million. Owners looking for larger apartments can purchase specially combined five-bedroom units starting at $1.648 million. In addition, storage units are available from $15,000 to $20,000.

The space purchased by Zeckendorf Realty and Starwood Capital Group Fund V also contains three retail units occupied by Bombay Company, Aeropostale and a Sony movie theater.

Located in the heart of New York's fabled Upper East Side, The Gotham is centrally located near the city's finest private schools; an array of restaurants, shops, banks and movie theaters; legendary Central Park; renowned hospitals and medical establishments and a wide variety of transportation options.

Zeckendorf Realty, L.P. is the exclusive selling agent of The Gotham.
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Title Annotation:Zeckendorf Realty L.P., Starwood Capital Group Fund V; The Gotham Condominium
Publication:Real Estate Weekly
Date:Apr 21, 1999
Previous Article:Westchester improves, despite oversupply of large blocks.
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